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304.9-240 Insurance vending machines.
(1)
(2)
A licensed agent may solicit for and issue personal travel accident insurance
policies by means of mechanical vending machines supervised by the agent
and placed at airports and similar places of convenience to the traveling public,
if the commissioner finds that:
(a) The policy provides reasonable coverage and benefits, is suitable for sale
and issuance by vending machine, and that use of such a machine in a
proposed location would be of material convenience to the public;
(b) The type of machine proposed to be used is reasonably suitable for the
purpose;
(c) Reasonable means are provided for informing prospective purchasers of
policy coverages and restrictions;
(d) Reasonable means are provided for the refund of money inserted in
defective machines and for which insurance so paid for is not received;
and
(e) The cost of maintaining such a machine at a particular location is
reasonable in amount.
For each machine to be used, the commissioner shall issue to the agent upon
his or her application a special vending machine license. The license shall
specify the name and address of the insurer and agent, the name of the policy
to be sold, the serial number and operating location of the machine. The
license shall be subject to annual continuation, to expiration, suspension or
revocation coincidentally with that of the agent. The commissioner shall also
revoke the license of any machine as to which he or she finds that the license
qualifications no longer exist. The license fee shall be the same as specified in
KRS 304.4-010, for an agent, for each license year or part thereof for each
respective machine. Proof of the existence of a subsisting license shall be
displayed on or about each machine in use, in such manner as the
commissioner reasonably requires.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1061, effective July 15, 2010. -Amended 2002 Ky. Acts ch. 273, sec. 54, effective July 15, 2002. -- Created
1970 Ky. Acts ch. 301, subtit. 9, sec. 24, effective June 18, 1970.
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